It has been warned by economists, that the interest rate, currently at 0.5%, is likely to continue to be ‘frozen’ until 2013. The rate has remained at this level for 30 months so far and was initially cut by the Bank of England in 2009 to promote ‘liquidity’ during the credit crunch.
People impacted by this rate the most are pensioners and savers, both of which are having to dip into their pots to maintain their current standards of livings.
Homeowners aged over 55 years who are worried about their savings and would like to know how much money the value of their property could release to increase their income, can find out by contacting
therightequityrelease.co.uk for equity release advice.